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Mcx daily report 1 feb 2018
1. CapitalStars Financial Research Pvt., Ltd., 1
SEBI Registration Number: INA000001647
MCX Daily Report - 01 FEB 2018
News High lights
Gold Prices Gain In Asia As Fed Views On Economy Seen More Upbeat.
Gold prices gained in Asia on Thursday as investors parsed the Fed language for signs of
a more hawkish view on rate hikes in 2018.The Federal Reserve left interest rates
unchanged at the end of its two-day policy meeting on Wednesday, keeping them in a
range between 1.25% - 1.50%. The Federal Reserve signaled that it would push ahead
on its monetary policy tightening path as economic activity has been rising at a solid
rate, while inflation remained low but is expected to "move up" in the coming months. "The Committee expects
that, with further gradual adjustments in the stance of monetary policy, economic activity will expand at a
moderate pace and labor market conditions will remain strong," The Federal Reserve noted in its monetary policy
statement.
Nickel prices gained buoyed by the first acceleration in China's GDP growth in seven years.
Nickel on MCX settled up 1.55% at 807.8 buoyed by the first acceleration in China's GDP
growth in seven years. The global nickel market deficit narrowed to 8,400 tonnes in
November from 11,500 tonnes in the previous month, the International Nickel Study Group
said. China's economy grew faster than expected in the fourth quarter of 2017, as an export
recovery helped the country post its first annual acceleration in growth in seven years,
defying concerns that intensifying curbs on industry and credit would hurt expansion.
Copper prices dropped on profit booking after prices gained buoyed by the first acceleration in China's GDP
growth in seven years.
Copper on MCX settled down -0.5% at 450.45 on profit booking after prices gained buoyed by the first acceleration
in China's GDP growth in seven years. BHP’s copper output jumped 20 percent to 429,000 tonnes in the quarter to
end-December helped by a rise in production from its Escondida copper mine in Chile. China's economy grew faster
than expected in the fourth quarter of 2017, as an export recovery helped the country post its first annual
acceleration in growth in seven years, defying concerns that intensifying curbs on industry and credit would hurt
expansion.
Oil extends gains on robust OPEC compliance.
U.S. oil prices extended modest gains on Thursday as OPEC's strong compliance with a
supply reduction pact offset news that U.S. production topped 10 million barrels per
day for the first time in nearly half a century."As oil prices rise, higher shale output is
definitely on the market's mind," said Tomomichi Akuta, senior economist at Mitsubishi
UFJ Research and Consulting in Tokyo. Oil output by the Organization of the Petroleum Exporting Countries also
rose in January from an eight-month low as higher output from Nigeria and Saudi Arabia offset a further decline in
Venezuela and strong compliance with a supply reduction pact, a Reuters survey found. However, adherence by
producers included in the deal to curb supply rose to 138 percent from 137 percent in December, the poll found,
suggesting commitment is not wavering even as oil prices hit their highest level since 2014.
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SEBI Registration Number: INA000001647
MCX Daily Report -01 FEB 2018
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SEBI Registration Number: INA000001647
MCX Daily Report -01 FEB 2018
Pick for the Day
MCX Crude Oil Feb on Wednesday as seen in the daily chart opened at 4090 levels
and day high of 4122 levels. During this period price corrected & made day low of
4063 levels finally closed at 4112 levels. Now, there are chances of further downside
movement technically & fundamentally.
Oil prices are unlikely to advance much above $70 a barrel in 2018, with the
market caught between the opposing forces of OPEC-led production cuts and
surging U.S. output, a Reuters poll showed on Wednesday.
Oil prices initially slipped on Wednesday after U.S. Energy Information
Administration data showed that U.S. crude inventories unexpectedly rose by 6.8
million barrels last week, after 10 straight weeks of declines. [EIA/S]
DAILY RECOMMENDATION: SELL MCX CRUDE OIL FEB AROUND 4140 LEVELS
FOR TARGET OF T1 4090/ T2 4070 WITH SL 4220 OF LEVELS.
5. CapitalStars Financial Research Pvt., Ltd., 5
SEBI Registration Number: INA000001647
MCX Daily Report -01 FEB 2018
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